Former heads of C. Hoare & Co Wealth Management, James Hoare and Annamaria Koerling, alongside First Names Group deputy managing director, Andrew de la Haye, have bought a majority stake in Enhance MPI (Managed Portfolio Indices).

As part of the deal, James Hoare has been named as the managing director of Enhance MPI, which the group intends to expand significantly.

“We see significant demand and benefits in helping bring advisers and investment professionals together and I look forward to working with Tom and his team to realise the full potential of this service,” Hoare stated.

Enhance MPI is a unit of investment consultancy Enhance Group. The service offers a common understanding of investment choices for advisers and wealth managers.

The firm introduced the indices as a STEP Member Service to offer performance benchmarks, mainly for portfolios managed for persons serving in a fiduciary role. At present, the offering has 55 contributing managers in Canada, the UK, Switzerland and Singapore.

Enhance CEO Tom Wiseman said: “We are delighted to have the opportunity to work with such experienced professionals to help to build MPI into a truly unique and independent service.”